In return for cash and shares,
Situated in the Red Lake region of northern Ontario, My-Ritt is characterized by geological structures and lithologies found throughout the famous camp. A recent geophysical and geochemical survey suggests it may even host the northern extension of a gold system recently discovered by
Drilling is to start shortly.
Wolfden must pay Explorers Alliance $50,000 and issue 40,000 shares for the miniority stake.
Meanwhile, the fifth hole of a 6-hole program at the adjoining Newman-Heyson property has returned encouraging values.
Hole 5 assayed 13.67 grams over 0.3 metre (starting at 106 metres down-hole) and 9.24 grams over 3.55 metres (starting at 193.9 metres). Both intervals are characterized by shearing, quartz-carbonate alteration and sulphide mineralization.
The first hole of the program also returned high-grade values (11.57 grams over 0.95 metre and 10.94 grams over 0.5 metre), but in granodiorite. The best result from the remaining holes was 4.8 grams over 0.5 metre.
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